Australian bakery group Brumby’s Bakeries Holdings has been sold to Trans-Tasman fast food firm Retail Food Group (RFG).
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The sale of Brumby’s follows a battle between RFG and a group of Brumby’s managers for control of the company.
Three Brumby’s executives – director Marcus Barlow, CEO and managing director Michael Sherlock and company secretary Steve Brown – had been looking to buy the company.
However, earlier this week, the three men gave their backing to a renewed bid from RFG, which values Brumby’s at A$45.8m (US$37.8m).
Sherlock said: “We are pleased that recent events have now brought certainty not only for Brumby’s and its shareholders, but also our Brumby’s franchisees and master franchisees”.
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By GlobalData“The fact that RFG have continued to pursue Brumby’s in the face of BBS’s earlier offers no doubt reflects the high regard it has for the Brumby’s business. I consider this to bode well for the future of Brumby’s and we therefore have no qualms in fully supporting RFG’s bid.”
Brumby’s is a leading Australian retail food brand manager and franchisor.
